Harvard MBA Scholarships – Full disclosure and details

 

Harvard Scholarships – How to get one? 

Most of us don’t come from homes where we have a wealthy relative to write a $ 2.5 million check  “donation” to our dream colleges (looking at you Jared), so you have to get in the hard way. But once you are in, Harvard ensures that you face the least possible amount of financial hurdles for you studies.

Harvard’s approach to scholarships is a need based one and no, “I need to save more money” doesn’t count as a criteria. You can click on this link and use the calculator to do a need assessment.

Harvard Scholarship

#1 Your family makes less than $65k

If you are “lucky” and your family makes less than $65K, you can expect a full scholarship. You won’t have to take out any student loans and won’t have to contribute to your cost of attendance.

Any income above this threshold and your family would be expected to contribute a certain percentage of your family income towards your cost of education.

#2 Federal and state grants

If you are a U.S. citizen or permanent resident, you may be eligible for a Federal Pell Grant or a Supplemental Educational Opportunity Grant (SEOG). The Free Application for Federal Student Aid (FAFSA) determines your eligibility on the basis of the information that you provide.

Pell Grants and SEOG are awarded by the federal government and administered by our office, based on financial need. Within 10 days of documenting your FAFSA, you will get a Student Aid Report demonstrating your qualification for a Pell Grant. Of the approximately 6,600 current college understudies at Harvard College, 16% are Pell Grant beneficiaries.

In case you are a Massachusetts resident, you may likewise be qualified for a state Gilbert Grant, which is granted on a need base. These awards don’t influence your term-time work expectation.

#3 Scholarships and Grants from Outside Harvard

Since the intent of these awards is that they be used for educational purposes, you must report them to Harvard and apply them toward your college expenses. Your outside awards are considered as a part of your overall financial aid funding.

There are three steps in which funds from outside awards are included in your financial package:

  • They could be used as a replacement for your term-time expectation
  • Or they can be used to replace your summer earnings expectation
  • Outside awards that surpass your term-time and summer work expectation are used to supplant an equivalent amount of Harvard scholarship.

Outside awards don’t reduce your parent contribution as they being additional resources that reduce your financial need.

Harvard Business School

Harvard Business School supports need-based HBS Fellowships to help students cover the full Cost of Attendance.

Every financial aid package (your fellowship award, savings, and a student loan.) is different, HBS will help you meet your full financial need through a combination of these resources:

  • Need Based Aid – Fellowship award is given to nearly half of the class. After being admitted you are encouraged to apply for an HBS Fellowship.
  • How Need is Determined  – HBS Fellowships are computed by factoring in your income from the last three years, alongside any assets that you own. Students with higher income will contribute more than those with lower earnings.
  • In the event that you are married and/or have kids, HBS would also factor in your spouse’s income and assets, as well as your higher cost of living.
  • Employer sponsorship and loans are considered as outside grants for budgetary guide purposes. Such students who are generally not eligible for HBS Fellowships.

 

  • Alumni Driven Funding – HBS often tries to pair alumni and fellowship recipients based on their similar backgrounds and/or interests.

Find Outside Awards

Use these resources to find and filter outside award opportunities:

  • CollegeScholarships.com: Search private scholarships, discover those that match your criteria, and send a customized letter to sponsors.
  • Fastweb!: Match your personalized profile against more than 1.5 million scholarships and get notified about new scholarships and approaching deadlines.
  • Scholarships.com: They have compiled various grants and scholarships from around 3,000 sources.
  • CollegeScholarships.org: Find information from many different sources on both federal and private financial aid.
  • UNIGO: Discover grants that match your leisure activities, interests, and scholastic foundation in a database of 3.6 million awards worth over $14 billion. Pick up tips on finding and applying for grants and download scholarship applications.
  • SchoolSoup Scholarship Directory: Search using a variety of key categories using SchoolSoup’s scholarship matching platform for free.
  • Scholarship Search by SallieMae:Get notified when new scholarships become available and get access to more than 5 million existing awards.

In summation, if you are in a genuine need, Harvard ensures that you get the necessary aid following the maxim by Lyndon B. Johnson “Poverty must not be a bar to learning and learning must offer an escape from poverty.”

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